Whether a loan is basically possible despite a mortgage cannot be clearly assessed. It depends on several factors. First and foremost, it should play a very decisive role whether the income of the borrowers is high enough to be able to handle the installments for another installment or consumer loan in addition to paying the monthly loan installments for the mortgage loan. For this purpose, the bank will make need budgetary calculations and will only approve the loan despite the mortgage if it can largely ensure that the creditworthiness of the borrowers is sufficiently high.
What are the requirements?
If you want to get a loan despite a mortgage, you should not rely solely on your house bank, but obtain several offers before submitting your application. Not only the individual branch banks on site, but also the direct and online banks should also be included. These banks often have considerably more favorable terms than their house bank and can pass on the cost savings they achieve by largely dispensing with a nationwide branch network directly to their customers. This usually results in particularly low interest rates. If you want to get a loan despite a mortgage, you should have a sufficiently high income and should also have no negative credit entries.
The mortgage itself is irrelevant. It is not entered in the credit information. It would be ideal if both spouses or life partners have work and are employees or civil servants. With self-employed or freelancers, on the other hand, it may be much more difficult to find a suitable loan despite an existing mortgage. This applies in particular if both spouses are self-employed or if one partner has no income at all.
Application and approval
If you meet the relevant requirements and have found a suitable lender, you could apply for the loan at any time at the local branch or on the Internet. The bank will then tell the prospect exactly what documents it still needs for the final processing of the loan application. If the creditworthiness is sufficiently high and the credit information is in order, there is usually nothing standing in the way of a loan. It is then transferred in one amount to the customer’s checking account and is to be repaid in equal monthly installments.
Every borrower should be aware that in addition to the monthly repayment installments for the mortgage loan, they also have to pay the installments for the consumer loan. This often results in considerable financial restrictions over the years. A loan in spite of a mortgage also offers borrowers the opportunity to fulfill certain consumer wishes immediately and not to wait until they have paid off the mortgage or saved the corresponding amount.